Top 10 Property Accountant Certifications

Property accountants are responsible for the financial and accounting operations of a company or organization’s real estate portfolio. As such, certifications can be extremely beneficial in helping to demonstrate their competency and expertise in the field. A certification can provide proof of an accountant's knowledge of industry standards, as well as the ability to interpret financial data and develop strategies that will maximize profits. Additionally, it may also help them stand out among other job seekers. Having a certification also shows employers that the accountant has taken the initiative to further their education, is highly motivated, and is committed to staying up-to-date on industry trends. Ultimately, having a certification can make an accountant more attractive to potential employers and increase their chances of securing a position.

The purpose of this article is to review the top certifications for Property Accountants and explain how they can help advance a property accountant's career.

What are Property Accountant Certifications?

Property accountant certification is a specialist designation for accounting professionals who specialize in property tax and related disciplines. This certification is designed to equip professionals with the knowledge and skills necessary to effectively manage and administer property tax matters. It provides an understanding of the principles, procedures, regulations, and laws that govern real estate taxation.

The certification helps individuals demonstrate their expertise in this area to potential employers, clients or other stakeholders. It also helps them stay current on the latest developments in the field by providing continuing education opportunities. Additionally, earning this certification can give individuals credibility and recognition within their profession.

Certified property accountants are equipped to assist businesses with various aspects of real estate tax management such as filing returns, making payments, preparing appeals, analyzing financial data related to property taxes, monitoring tax rate changes, researching relevant information pertaining to local jurisdictions’ regulations and more. These professionals are often hired by larger organizations or government entities that need assistance with managing their real estate taxes efficiently.

Overall, obtaining a property accountant certification can help individuals gain a competitive edge in the job market while helping them develop specialized skills that will be invaluable in their career path.

Pro Tip: When considering property accountant certification, make sure to research the various programs available to find the one that best meets your needs. Look for certifications that focus on specific areas of accounting, such as real estate, tax or financial analysis. Additionally, consider whether the program offers continuing education courses and other resources to help you stay up-to-date with industry trends and regulations.

Related: What does a Property Accountant do?

Top 10 Property Accountant Certifications

Here’s our list of the best certifications available to Property Accountants today.

1. Certified Property Accountant (CPA)

Certified Property Accountant (CPA) is a professional designation that recognizes individuals who have achieved a high level of knowledge and expertise in the field of property accounting. CPA's are responsible for providing financial advice and guidance to their clients on matters related to real estate investments, including tax planning, budgeting, cash flow analysis, loan management and more.

In order to become certified as a CPA, individuals must first pass the Uniform Certified Property Accountant Exam administered by the American Institute of Certified Public Accountants (AICPA). The exam consists of four parts: Financial Accounting & Reporting; Business Law & Professional Responsibilities; Auditing & Attestation; and Regulation.

The amount of time it takes to complete the exam depends on an individual's preparation and study habits. Generally speaking, it can take anywhere from three months to one year to prepare for the exam. In addition to studying for the exam, applicants must also meet certain educational requirements which vary by state.

There is no set cost associated with becoming a CPA as fees vary depending on where you take the exam and whether or not you need additional review courses or materials. However, expect to pay between $1,000 - $2,000 in total fees associated with taking the exam.

2. Certified Real Estate Accountant (CREA)

Certified Real Estate Accountant (CREA) is a professional certification offered by the Institute of Certified Real Estate Accountants (ICREA). This certification program is designed to recognize those individuals who have demonstrated a high level of knowledge and expertise in the field of real estate accounting. It is intended for professionals who are involved in the financial management, operations, and compliance aspects of real estate businesses.

To obtain the CREA designation, candidates must pass an examination that covers topics such as real estate finance, accounting principles, taxation, legal issues, and business ethics. The exam consists of multiple-choice questions and takes approximately four hours to complete. Candidates must also meet certain educational requirements, such as having a bachelor's degree or higher in accounting or related field from an accredited college or university.

The cost to obtain the CREA designation varies depending on the country you are located in but generally ranges between $500-$1000 USD. Additionally, there may be additional costs associated with taking the exam such as registration fees and study materials.

In order to maintain their certification status, CREAs must complete continuing education courses every two years. This ensures that their knowledge remains current with changes in regulations and best practices within the industry.

3. Certified Residential Property Manager (CRPM)

Certified Residential Property Manager (CRPM) is a professional certification offered by the Institute of Real Estate Management (IREM). The CRPM certification is intended to recognize and promote excellence in residential property management. It is designed to provide recognition for individuals who have demonstrated superior knowledge, experience, and competency in residential property management.

To obtain the CRPM designation, candidates must meet certain requirements and pass an exam. Requirements include having at least two years of full-time experience in residential property management within the past five years or four years of part-time experience in the same time frame. Candidates must also complete a minimum of 30 hours of IREM-approved continuing education courses within the past three years.

The exam consists of 100 multiple choice questions that cover topics such as financial management, legal and regulatory issues, marketing and leasing, risk management, maintenance and operations, human resources, and professional standards. The exam takes approximately four hours to complete.

The cost to take the CRPM exam is $395 for members of IREM or $495 for non-members. There are also additional fees associated with obtaining the designation once you pass the exam. These fees include an application fee ($50), a background check fee ($50), and a one-time certificate fee ($75).

Overall, it can take several months to complete all the requirements needed to become a Certified Residential Property Manager (CRPM).

4. Certified Commercial Property Manager (CCPM)

Certified Commercial Property Manager (CCPM) is a professional designation for individuals who specialize in the management of commercial real estate. The certification is offered by the Institute of Real Estate Management (IREM), an affiliate of the National Association of Realtors.

The CCPM certification requires applicants to demonstrate their knowledge and experience in managing commercial property through a combination of education, testing, and experience. To become certified, applicants must:

1. Have at least three years of verifiable full-time experience in commercial property management;

2. Pass a comprehensive written examination;

3. Complete an ethics course; and

4. Submit references from employers or clients attesting to their competency as a commercial property manager.

The process typically takes six months to one year to complete, depending on the applicant’s level of experience and preparation for the exam and ethics course. The cost for the CCPM certification is $595 for IREM members, or $795 for non-members, which includes all fees associated with taking the exam, completing the ethics course, and submitting references.

5. Accredited Property Manager (APM)

Accredited Property Manager (APM) is a professional designation for property managers who have achieved a level of expertise in the field. The APM designation is awarded by the Institute of Real Estate Management (IREM), a professional association for real estate management professionals.

To earn the APM designation, an individual must complete a rigorous program that includes courses in property management, financial analysis, and legal issues. The program also requires candidates to demonstrate their knowledge through written exams and practical projects. The entire process typically takes between two and four years to complete.

The cost of the program varies depending on the number of courses taken and other factors, but it typically costs around $3,000 to $5,000 USD per year. Additionally, there are fees associated with taking the exams and submitting applications for certification.

In order to become an APM, individuals must first meet certain eligibility requirements such as having three years of experience in property management or related fields. Once these criteria are met, individuals must submit an application to IREM along with proof of their experience and education. After being accepted into the program, they can begin taking courses and completing exams until they meet all requirements for certification.

6. Certified Hospitality Property Accountant (CHPA)

Certified Hospitality Property Accountant (CHPA) is a professional certification awarded by the American Hotel & Lodging Educational Institute (AHLEI). The CHPA designation is designed to recognize and promote excellence in hospitality property accounting. This certification is intended for individuals who are employed as hospitality property accountants, controllers, or finance directors.

To become certified as a CHPA, an individual must have at least two years of experience in hospitality property accounting and must pass AHLEI’s CHPA exam. The exam consists of 150 multiple-choice questions and covers topics such as financial statement analysis, budgeting, forecasting, internal controls, revenue management, and more. To prepare for the exam, AHLEI offers online courses and study materials.

The cost to take the CHPA exam is $395 for members of AHLEI or $495 for non-members. Once you have passed the exam, there is an annual fee of $95 to maintain your certification status.

Overall, it typically takes between three to six months to become certified as a CHPA depending on how quickly you can complete the necessary coursework and pass the exam.

7. Certified Professional Property Manager (CPPM)

Certified Professional Property Manager (CPPM) is a professional certification program designed to recognize the highest level of achievement in property management. The certification is offered by the Institute of Real Estate Management (IREM), an international organization dedicated to advancing the standards of real estate management.

To become a Certified Professional Property Manager, individuals must meet the following criteria:

• Have at least three years of full-time experience in property management;
• Successfully complete IREM’s rigorous CPPM coursework;
• Pass an extensive examination covering all aspects of property management; and
• Maintain continuing education requirements every three years.

The CPPM coursework consists of five core courses and two electives, which can be completed online or in a classroom setting. The core courses cover topics such as financial and legal issues, marketing and leasing, maintenance and operations, tenant relations, and risk management. The elective courses focus on specialized topics such as budgeting and forecasting, energy efficiency, green building practices, or technology applications. Each course takes approximately 30 hours to complete.

In order to obtain the CPPM designation, candidates must pass the exam with a score of 75% or higher. The exam consists of multiple-choice questions covering all aspects of property management theory and practice. It takes approximately four hours to complete the exam.

The cost for obtaining the CPPM designation varies depending on whether you take the courses online or in a classroom setting. The cost for taking all seven courses online is $2,295 plus applicable taxes; for taking them in a classroom setting it is $3,495 plus applicable taxes. In addition to these fees there are also application fees ($50) and exam fees ($150).

8. Certified Investment Property Accountant (CIPA)

Certified Investment Property Accountant (CIPA) is a professional designation that recognizes the expertise of individuals in the areas of real estate accounting and finance. It is offered by the Real Estate Accounting Professionals International (REAPI).

The CIPA program consists of five courses and two exams. The courses cover topics such as real estate accounting, financial analysis, taxation, and legal issues related to real estate investments. The exams are designed to test a candidate’s knowledge of these topics. To earn the CIPA designation, candidates must pass all five courses and both exams with a minimum score of 70%.

It typically takes six months to one year to complete the program. Candidates should plan on spending at least 20 hours per week studying for the courses and exams.

To get started, candidates must register with REAPI and pay an application fee. After registering, they will receive access to the course materials and be able to begin their studies immediately.

The cost for the CIPA program varies depending on whether or not you are a member of REAPI. For non-members, it costs $1,495 for all five courses and two exams. For members, it costs $995 for all five courses and two exams.

9. Chartered Global Management Accountant (CGMA)

Chartered Global Management Accountant (CGMA) is a professional designation awarded by the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA). It recognizes professionals who have achieved a high level of expertise in management accounting, financial management, and business analysis.

It takes an average of two to three years to complete the CGMA program. To become a CGMA, you must first pass the AICPA’s Uniform CPA Examination and meet other educational requirements set by the AICPA and CIMA. You also need to demonstrate experience in managerial accounting or financial management.

Once you have met all the requirements, you can apply for the CGMA designation through AICPA’s website. The cost for applying for the CGMA designation is $250 for AICPA members and $350 for non-members.

10. International Association of Financial Planners (IAFP)

The International Association of Financial Planners (IAFP) is a professional organization that provides education and resources to financial planners and other financial professionals. It was founded in 1985 and is dedicated to helping its members become more successful and effective in their careers. The IAFP provides members with access to educational opportunities, networking events, professional development programs, industry research, and continuing education credits.

To become a member of the IAFP, you must have at least three years of experience as a financial planner or related field. You must also pass the Certified Financial Planner (CFP) exam administered by the Certified Financial Planner Board of Standards Inc. After passing the exam, you will receive your CFP designation and can then apply for membership with the IAFP.

The cost of joining the IAFP varies depending on your level of experience and whether or not you are already a CFP designee. For those who are new to the profession or just starting out as a CFP designee, there is an initiation fee of $100 plus annual dues of $195 per year. For experienced members who hold the CFP designation, there is an initiation fee of $50 plus annual dues of $145 per year.

In addition to these fees, there may be additional costs associated with attending conferences and seminars hosted by the IAFP or participating in any other activities sponsored by them. These costs vary depending on location and type of event but typically range from $50-$200 per event/activity.

Do You Really Need a Property Accountant Certificate?

The answer to this question depends on a few factors. If you are looking to become a certified property accountant, then yes, you will need a property accountant certificate. This certificate is necessary in order to demonstrate that you have the necessary knowledge and experience to work as an accountant in the field of property accounting. The certificate is usually obtained through taking a course or completing an exam.

However, if you are already working in the field of property accounting, then it may not be necessary for you to obtain a certificate. In some cases, employers may require their employees to have one, but in other cases they may simply be satisfied with your experience and skillset. It can also depend on the type of job you are applying for; if you are applying for an entry-level position or one that does not involve much responsibility, then having a certificate may not be required.

Ultimately, it is up to you to decide if obtaining a property accountant certificate is worth your time and money. If it will help you gain employment or increase your chances of promotion within your current job, then it could be beneficial for your career prospects. However, if it does not seem necessary for the job role or company that you are applying for then it might not be worth the effort or cost involved in getting one.

Related: Property Accountant Resume Examples

FAQs About Property Accountant Certifications

1. What are the requirements to become a property accountant?

Answer: To become a property accountant, you must have a bachelor's degree in accounting or finance and pass the Certified Public Accountant (CPA) exam. You may also need to obtain additional certifications such as the Certified Property Accountant (CPA) or the Certified Real Estate Accountant (CREA).

2. How long does it take to become a property accountant?

Answer: It typically takes 4-5 years to become a property accountant, including obtaining your bachelor's degree and passing the CPA exam. Additional certifications may require additional time for study and preparation.

3. What types of jobs can I get with a property accountant certification?

Answer: With a property accountant certification, you can pursue various positions such as real estate financial analyst, investment analyst, corporate controller, commercial loan officer, and more.

4. What is the difference between a CPA and CREA certification?

Answer: A CPA certification is focused on auditing, taxation, and financial reporting while a CREA certification focuses specifically on real estate accounting principles such as taxes related to real estate transactions and investments.

5. Is there continuing education required for maintaining my property accountant certification?

Answer: Yes, most professional certifications require ongoing continuing education in order to maintain your credential status. The amount of continuing education required varies by certification but generally ranges from 40-80 hours per year or every two years depending on the organization that issued your credential.